Company registration number 13852771 (England and Wales)
CYCLE Ø GROUP LIMITED
Unaudited financial statements
For the period ended 31 December 2022
Pages for filing with registrar
CYCLE Ø GROUP LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
CYCLE Ø GROUP LIMITED
STATEMENT OF FINANCIAL POSITION
As at 31 December 2022
- 1 -
2022
Notes
£
£
Non-current assets
Investments
3
14,398,773
Current assets
Trade and other receivables
4
140,044
Cash and cash equivalents
7,096,217
7,236,261
Current liabilities
5
(933,367)
Net current assets
6,302,894
Net assets
20,701,667
Equity
Called up share capital
2,161,826
Share premium account
19,456,437
Retained earnings
(916,596)
Total equity
20,701,667

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on
20 February 2024
20 February 2024
and are signed on its behalf by:
L E Molke
Director
Company registration number 13852771 (England and Wales)
CYCLE Ø GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 December 2022
- 2 -
1
Accounting policies
Company information

Cycle Ø Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is Thomas House, 84 Eccleston Square, London, SW1V 1PX.

1.1
Reporting period

The company was incorporated on 17 January 2022 and the financial statements have been prepared for the period 17 January 2022 to 31 December 2022. Hence, the financial statements include 11 and a half months of activity. There are no comparatives as this is the first accounting period of the company.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost less depreciation and less any impairment losses.

 

Computer equipment costing less then £5,000 is not capitalised by the company and is expensed direct to the income statement. The directors are of the opinion that computer equipment which costs less than £5,000 does not need to be capitalised as they have a short life and are frequently replaced.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
3 years straight line
1.4
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CYCLE Ø GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 December 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other payables and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.9
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

CYCLE Ø GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 December 2022
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2022
Number
Total
2
3
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
11,435,658
Loans to group undertakings and participating interests
2,963,115
14,398,773
Movements in non-current investments
Shares in associates and subsidiaries
Loans to associates and subsidiaries
Total
£
£
£
Cost or valuation
At 17 January 2022
-
-
-
Additions
11,435,658
2,860,027
14,295,685
Exchange adjustments
-
103,088
103,088
At 31 December 2022
11,435,658
2,963,115
14,398,773
Carrying amount
At 31 December 2022
11,435,658
2,963,115
14,398,773
4
Trade and other receivables
2022
Amounts falling due within one year:
£
Amounts owed by group undertakings
2,826
Other receivables
137,218
140,044
CYCLE Ø GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the period ended 31 December 2022
- 5 -
5
Current liabilities
2022
£
Trade payables
7,710
Amounts owed to group undertakings
895,813
Taxation and social security
24,844
Other payables
5,000
933,367
6
Financial commitments, guarantees and contingent liabilities

At the reporting end date the company had financial commitments totalling £44,400.

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